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SBI to auction Kamachi Industries steel assets

Steel News - Published on Wed, 10 Apr 2019

Image Source: Reliable Right Click India LLP
Financial Express reported that SBI has invited expression of interest from asset reconstruction companies and financial institutions to sell Kamachi Industries and SNS Starch through an auction scheduled for April 25, 2019. Steel maker Kamachi Industries has an outstanding of INR 364.80 crore. The reserve price for sale of Kamachi Industries is fixed at INR 165 crore.

SBI said that “In terms of the bank’s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to banks/ ARCs/NBFCs/ Fis. The interested banks/ARCs/ NBFCs/ FIs can conduct due diligence of these assets with immediate effect, after submitting EoI and executing a non-disclosure agreement with the bank. The sale will be on 100 per cent cash basis.”

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Posted By : Ratan Singh on Wed, 10 Apr 2019
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